A surplus of €2.116 billion was recorded in the budget in the first half of this year, against a target of a primary deficit of €415 million and a primary deficit of €3.425 billion for the same period in 2022.

In particular, based on the data of the General Accounting Office of the State for the execution of the budget:

The amount of net revenues of the state budget amounted to 30.87 billion eurosshowing an increase of 1.202 billion euros or 4.1% compared to the target included for the corresponding period in the report of the 2023 budget. This overperformance is mainly due to: (a) the increased tax revenues of the semester and (b) in the collection of 603 million euros from ANFAs, which was not foreseen in the introductory report of the budget.

On the contrary, the price, amounting to 1.496 billion euros, was not collected for granting the right to use and exploit the Egnatia Odos motorway and its three vertical road axes, for a period of 35 years. This was expected to be collected in June, as the relevant procedure for the approval of the contract is ongoing.

Tax revenues amounted to 27.301 billion euros, increased by 2.241 billion euros or 8.9% compared to the target included in the introductory budget report. Part of this increase, amounting to approximately 470 million euros, concerns the extension of the deadline for the payment of traffic fees until the end of February this year, while it was estimated that this amount would be collected in December 2022. The remaining amount of the over-execution comes from the best performance of the income taxes of individuals and legal entities of the previous year, collected in installments until the end of February, as well as of the best performance in the collection of taxes of the current year.

Revenue refunds amounted to €3.389 billion, increased by 586 million euros from the target (2.802 billion euros), part of which is due to the VAT refund (in March) to the Renewable Energy Sources and Guarantees Administrator (DAPEEP S.A.) amounting to approximately 220 million euros, which arises from revenues collected by DAPEEP and attributed to the state by the Temporary Mechanism for Returning Part of Next-Day Purchase Revenues.

The revenue of the Public Investment Budget (PDE) amounted to 2.183 billion euros, reduced by 502 million euros from the target (2.685 billion euros).

It is noted that the exact distribution between the revenue categories of the state budget will be carried out with the publication of the final report.

In June, the total net revenues of the state budget amounted to 4.619 billion euros, reduced by 1.746 billion euros compared to the monthly target due, mainly, to the non-collection of the concession price of the Egnatia Odos highway as mentioned above, as well as the reduced PDE revenue.

Tax revenues totaled €4.436bn, up €324m or 7.9% on target.

Revenue returns totaled €682 million, up €127 million from the target (€555 million).

PDE revenues amounted to 231 million euros, reduced by 744 million euros from the target (975 million euros).

State budget expenditures for the period January-June 2023 amounted to 33.337 billion euros and are reduced by 596 million euros compared to the target (33.933 billion euros), which is included in the introductory report. While, they are presented increased, in relation to the corresponding period of 2022, by 530 million euros, mainly due to increased interest payments by 1.438 billion euros.

In the part of the regular budget, the payments are shown reduced compared to the target by 654 million euros. This development is mainly due to the deferral of payments for expenditure on equipment programs amounting to 668 million euros.

Notable points are the grant to the Information Society M.A.E. of 503 million euros to meet the needs of the Market Pass, the return to the Energy Transition Fund of 367 million euros of the surplus profits of energy producers for the period from 1 October 2021 to 30 June 2022, as well as this year’s Diesel subsidy payments heating amounting to 100 million euros. All the aforementioned payments were made by redistributing appropriations from the reserve to promote actions to address the energy crisis (appropriations under allocation).

Payments in the investment expenditure arm amounted to 4.708 billion euros, exceeding the target of 58 million euros. The expenditure of the PDE includes an amount of 72 million euros to service COVID-19 measures, the most important of which are the reinforcement of health institutions with auxiliary staff to respond to the needs due to the COVID-19 pandemic in the regions, the support of start-ups in framework of Elevate Greece, and the grant of existing small and medium businesses in the retail sector that maintain a physical store, for the development, upgrade and management of an online store.